It’s not always easy to know exactly what’s going on with your money. So here at Starling, we designed an app that makes things easier to understand. Take the homescreen for example: it shows you what you’ve spent that day (as soon as you’ve spent it), your overall balance (in real-time) as well as details of your overdraft, if you have one.
If you’re overdrawn, your balance will show as negative. We’ll also tell you how much of your overdraft has been used and how much you have left, so you’re never in the dark – and if you’re in credit, your balance will show, with the amount of your unused overdraft below it.
Bank balance on ATM screens and at the Post Office
In mid-December, new regulations are coming into effect, which will see all UK banks displaying your balance at ATMs and the Post Office in a slightly different way. This change will affect all our customers with a personal and/or joint GBP current account, and it’s all part of a drive to help consumers better understand how much money they have available to spend.
At the moment, for people using an arranged overdraft, ATMs and the balance enquiry service at the Post Office show available funds as any positive balance plus the amount left to spend in your overdraft.
That’s the bit that’s changing. From now on, these services will display your available balance without your overdraft, in the same way as it’s already displayed in the Starling app.
For example, if you have a £500 overdraft limit and you are £400 overdrawn, your available balance on the ATM screen or at the Post Office is shown as £100. Going forward, the way this balance is displayed will change.
Just to be clear, there won’t be any noticeable change to the way we display your balance in the Starling app – because we’ve been acting in accordance with most of the new rules before they were even introduced. The change will just be in the balance display at ATMs and at the Post Office.
UK regulation changes for bank balance displays
Continuing with the example above, if you have a £500 overdraft limit and you are £400 overdrawn, your available balance will be shown as -£400.